iCents IPO oversubscribed by 2.3 times ahead of ACE Market listing
The IPO by the cleanroom and facility services provider involves a public issue of 112.5 million new ordinary shares at 24 sen per share.
This represents 22.5 per cent of the company's enlarged issued share capital, with gross proceeds of RM27 million expected to be raised.
The company offered 30 million existing shares, or six per cent of the enlarged issued share capital, via private placement to selected investors.
In total, the Malaysian public applied for 82.39 million shares valued at approximately RM19.77 million under the public issue portion, translating to an overall oversubscription rate of 2.30 times.
The public category received 881 applications for 72.65 million shares, oversubscribing the allocation by 4.81 times.
Separately, the Bumiputera category saw 385 applications for 9.75 million shares, reflecting an undersubscription rate of 0.22 times.
All 10 million shares allocated to eligible directors, employees, and persons who have contributed to the group were fully subscribed.
The private placements comprised 15 million issue shares and 30 million offer shares to selected investors, as well as 62.5 million issue shares to Bumiputera investors.
These placements, approved by the Investment, Trade and Industry Ministry, were fully placed out.
Upon listing, iCents Group will have a market capitalisation of RM120 million, based on the enlarged issued share capital of 500 million shares and the IPO price.
Managing director Vincent Ong said the IPO proceeds will support expansion initiatives and boost the company's capacity to secure more projects in highly technical industries.
Executive director Foo Siang Leng added that iCents is well-positioned to capitalise on demand from fast-growing sectors requiring cleanroom and facility solutions.
"Cleanroom solutions and facility services are vital to fast-growing sectors such as data centres, semiconductors, electronics and pharmaceuticals.
"As these industries expand, we foresee sustained demand that underscores our business relevance moving forward," he said.
Alliance Islamic Bank Bhd is the principal adviser, sponsor, sole underwriter, and placement agent for the IPO.
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